Vanco Concludes Drilling Operations on Shark Well

Vanco Energy Company announces, on behalf of the Vanco Group, the conclusion of drilling operations in the Ras Tafelney Area offshore Morocco. The Vanco Group is exploring in Ras Tafelney under a Petroleum Agreement signed with ONHYM (ex-ONAREP) in January 2001.

On 11 June, the Group concluded operations on the exploration well Shark B#1 located approximately 130 kilometers off the coast of Morocco in 2,128 meters of water. The well was successfully drilled using the Saipem 10000 drillship. It evaluated primary objectives in the Upper Cretaceous and Albian, and a Lower Tertiary turbidite play as a secondary target. The total depth of the well was 3,976 meters measured depth.

The Shark B#1 well was the first deepwater exploration well drilled offshore Morocco in a new frontier area. The Vanco Group continues to evaluate the results of the Shark B#1 well and the prospectivity of the 5 million acre (13,000 sq km) Ras Tafelney Area.

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